Dublin, Oct. 07, 2022 (GLOBE NEWSWIRE) -- The "Smart Factory - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Smart Factory Market to Reach $214.2 Billion by 2026
The global market for Smart Factory estimated at US$152.2 Billion in the year 2022, is projected to reach a revised size of US$214.2 Billion by 2026, growing at a CAGR of 7.4% over the analysis period.
`Smart Factory` or `Smart Manufacturing` or the `Factory of the Future` is a concept that envisages creation of intelligent factories, where the traditional disparate manufacturing processes are linked to generate intelligent data.
Growth in the global market is set to be driven by increasing investments in automation systems and advances in manufacturing technologies to achieve mass production and push overall efficiency and productivity. Enterprises in the industrial sector are implementing industrial robots, the Internet of Things (IoT), and connected devices for increased visibility, real-time data analysis and predictive maintenance.
In addition, increasing demand for automated manufacturing platforms in industries like manufacturing, automotive, chemical and medical devices is expected to propel market prospects. The COVID-19 pandemic has created a pressing need for manufacturing factories to ensure worker safety while maintaining their operations. The crisis is fueling the adoption of vision-guided robots for reducing the risk of infection to workers. The scenario is expected to prompt various factories to implement automated solutions and robotics for safeguarding their employees from the infection risk.
Control Equipment & Software, one of the segments analyzed in the report, is projected to record a 7.5% CAGR and reach US$99.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Reporting & Analysis Software segment is readjusted to a revised 8.7% CAGR for the next 7-year period.
MARKET TRENDS & DRIVERS
- Pivotal Role of Smart Factory Solutions in the Evolution of the Digitized Intelligent Factories of the Future
- Intelligent, Digitized & Automated Smart Factories to Transform the Manufacturing Industry
- Digital Factory Technologies for Improved Manufacturing Cell Design and Robotic Automation
- Intelligent Factories Provide Manufacturers New Business Opportunities
- Intelligent Factory Positively Impact Changes in Workforce Deployment
- Industrial IoT Enables Transition to Intelligent Factories
- Discrete Manufacturers Experiment with IoT Implementations
- IoT Set to Revolutionize the Supply Chain
- Essential IoT-based Digital Initiatives for Successful Transition of Manufacturers to Industry 4.0
- Emphasis on Gaining Competitive Edge Steers IIoT Adoption
- Machine Monitoring: The Most Common Way to Implement IIoT in Machine Shops
- Real-time Simulations: A Promising Technology Connecting Human, Machine, and Products in Smart Manufacturing
- M2M Communication: Essential for Seamless Connectivity between Multiple IoT Devices
- Need to Upgrade Existing Factories Offers Huge Untapped Market Growth Potential
- Aging Workforce & Shortage of Skilled Labor Aggravates the Woes of Old Factories
- Digital Talent: Need of the Hour for Digital Transition of Industrial Processes
- The Promise of Smart Factory in Ensuring Supply Chain Resilience Widens the Business Case
- AI for the 'Smart' Factor in Future Manufacturing Facilities
- Steady Adoption of Sophisticated Connectivity Solutions Lends Traction to Market Growth
- Mobile Technologies Enable Real-time Data Capture & Access for Creating Connected Production Environment
- Growing Use of Mobile Devices & Mobile Apps in Manufacturing Environments
- Overhaul of Existing Network Technologies: Essential for Industry 4.0
- 5G: A Network Technology with Enormous Potential to Drive Adoption of Industry 4.0
- Big Data and Cloud Computing: The New ICT Frontiers for Industry 4.0 Implementations
- Analytics: Critical for Making Sense of Data Deluge Resulting from the Transition to Smart Manufacturing
- Using Data for Enhanced Decision Making
- Smart Manufacturing: Major Application Area for Big Data Enabled Market
- Manufacturing-as-a-Service: An Apt Answer to the Growing Needs for Mass Customization
- Rising Need to Integrate Physical, Networking and Computation Processes Drive Demand for Cyber-Physical Systems
- Machine Tools: Promising Cyber Physical Systems
- Decentralized Model and BlockChain Enhances Continuous, Rapid Manufacturing
- Augmented Reality: Facilitating Industry 4.0 in a Fast, Interactive, and Reliable Way
- Industry 4.0 to Create Need for Mobile AR in Manufacturing Sector
- Enterprise Mobility, BYOD and CYOD to Drive Adoption of Mobile AR and Smart Wearables in Production Plants
- First-Person View (FPV) Communications Significantly Reduce Personnel Overheads
- Inspection, Maintenance & Repair of Production Floor Machinery: The 'Hands-Free View' Attribute of Smart AR Glasses
- The Vital Nature of Automated Material Handling in Industry 4.0 Spurs Market Demand
- Autonomous Vehicles: The Future of Material Handling Automation
- Self-Driving Vehicles to Transform Logistics Marketplace
- Advanced Robotics Impacts Automated Material Handling Equipment
- MES/MOM Systems: A Competing or Complimentary Technology to Smart Manufacturing?
- Manufacturing Execution System (MES): A Vital Cog in the Digitized Manufacturing Industry
- Supervisory Control and Data Acquisition (SCADA): The Backbone of the Smart Manufacturing Industry
- Complexity of Modern Industrial Processes Provides a Business Case for SCADA
- Smart & Intelligent Sensors: Basic Building Blocks of Smart Factory
- Sensor Manufacturers Enhance Capabilities to Meet Turnkey Solutions Demand of Manufacturers
- Myriad Benefits of Robots in Various Processes and Applications to Make the Fourth Industrial Revolution a Reality
- Growing Installations of Robots across Industrialized Countries Boost Market Prospects
- Growing Automation Rapidly Change Manufacturing Sector Landscape
- 3D Printing Revolutionizes Manufacturing with Improved Productivity & Competitiveness, Bodes Well for the Market
- How 3D Printing Gains Over Commercial Manufacturing
- Additive Manufacturing (AM): Applications Timeline
- Loss of Employment Opportunities
- Solutions to Resolve Technical Challenges Facing Establishment of Smart Factories
- End-Use Application Sectors: Trends & Drivers
- Ushering the Era of Smart Automotive Factories
- Automotive OEMs Spearhead Smart Factory Initiatives
- Auto Industry: Pioneering Smart Factory Solutions Adoption
- Automotive Production Moves towards Energy Efficiency through Industry 4.0 Solutions
- Anticipated Resurgence in Demand Will Continue to Shape Market Interest in the Oil & Gas Sector
- Industry 4.0 Presents Attractive Opportunity for the Industrial Equipment Sector
- Relevance in Aerospace & Defense Applications
- Adoption of Industry 4.0 Inevitable for Food & Beverage Manufacturers for Driving Efficiencies
- Beer Brewing Industry: Another Important Industry Set to Adopt Industry 4.0
- Digitization in Beer Brewing Industry
- Innovations and Advancements
- Autonomous Robots: Powering the Factory of the Future
- Collaborative Robots to Work Hand-in-Glove with Humans in Smart Factories
- Digital Twin: The Next-Gen Manufacturing Software for Industry 4.0
- Edge Computing Seeks Role in Smart Factory
- Exosuits: Safety Standard for Workers in Dangerous Factory Jobs
- Siemens' Totally Integrated Automation (TIA) & Digital Enterprise Platform
- GE's Transformational Real-time Operational Intelligence
- FlexSim Simulation Technology
- genua's Cyber-Diode for Improved IT Security in Smart Factory Environments
- Baxter Robot: The Worker's Friend
- HARTING's Solutions for Integrated Industry
- SmartFactoryOWL: An Integrated System for Needs-Oriented Assembly Operations
- Asseco's APplus ERP II Solutions for SMEs
- BOGE airstatus Remote Diagnostics Tool
- Huawei's Smart and Connected Industrial Network Solution
- Flexible Conveyor Matrix Enables Networked & Cognitive Production
- M&M Cloud-based Service Platform Aids Continual Condition Monitoring
- ORBIS MPS for Transparency of Processes in Production & Intralogistics Areas
- Programmable Automation Controller (PAC): Combining PLC Features with Real-Time Motion Control
- Schaeffler Develops New Torque Sensor Technology
- SICK IO-Link Sensors Provide Better Capabilities to Packaging Machines
- Trebing + Himstedt Develop Self-Organized Capacity Management System
- Openmatics Develops ZF Logistics Tag based on BLE Technology
- Notable AR Innovations in Digital Manufacturing
- Noteworthy Adoptions and Implementations
- Audi's Smart Factory
- Nokia Digital Factory to Leverage 5G and Cobots for Complete Automation
- Foxconn Uses CNC Machines
- BMW Group Implements Industry 4.0
- FirstBuild's Internet-enabled Refrigerator with 3D-Printed Accessories
- Weidmuller Chooses Smart Technology for Regulating Fluctuations in Production
- ARBURG Employs Industrie 4.0 for Production of Individualized Products
- Bosch Rexroth Adopts Industrie 4.0 Concepts
- ebm-papst Benefits from Digitalization of Production Processes
- Siemens & Festo Collaborate for Innovative Multi-Carrier-System
- KUKA's Robot Provides Flexibility to Siemens Lead Factory for Electric Motors
- Sigma Air Manager 2 Master Controller Enables Intelligent Use of Compressed Air
- KSB's Digital Pump Solutions: Improving Production Functions & Services
- Schwering & Hasse Uses proALPHA Software for Automated Analysis of Production Data
- Eickhoff Wind Power Implements PROXIA Software for Seamless Production Monitoring
- Other Noteworthy Smart Factory/Industry 4.0 Adoptions & Implementations
- Industry 4.0 Enabling Technologies Adoption by 20 Global Players in a Nutshell: Company Name, Enabling Technology, and Industry 4.0 Initiative
FOCUS ON SELECT PLAYERS (Total 209 Featured):
- ABB Ltd.
- Accenture Plc
- Atos SE
- ATS International B.V.
- Autodesk Inc.
- Bosch.IO GmbH
- CENIT AG
- Cisco Systems, Inc.
- Dassault Systemes
- Emerson Electric Co.
- FANUC Corporation
- Fraunhofer IAO
- General Electric Company
- Honeywell International Inc.
- Huawei Technologies Co., Ltd.
- IBM Corporation
- Infosys Ltd.
- Intel Corporation
- Johnson Controls International Plc
- Keyence Corporation
- KUKA AG
- Microsoft Corporation
- Mitsubishi Electric Corporation
- OMRON Corporation Industrial Automation Company
- Oracle Corporation
- PTC, Inc.
- Rockwell Automation, Inc.
- SAP SE
- Schneider Electric SE
- Siemens AG
- Siemens EDA
- Telefonaktiebolaget L. M. Ericsson
- Wipro Limited
- WITTENSTEIN SE
- YASKAWA Electric Corp.
- Yaskawa Motoman
- Yokogawa Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/vd0o6e
